Seattle, Wash. (November 27, 2017) – 500 Mercer, a 32,370 square foot, four-tenant commercial condominium, has sold to K&L LLC, a private equity investor, for $17,750,000. Kidder Mathews commercial real estate brokers, Erik Swanson, Mike King, Jason Miller, and Damian Sevilla, represented the private equity seller, 500 Mercer Partners, LLC.
The property is located in the Lumen Building, a full city block mixed-use project on the corner of 5th Avenue and Mercer Street in Seattle. It is directly across the street from the Bill & Melinda Gates Foundation, near Seattle Center, and less than a half mile from Amazon’s global headquarters in the South Lake Union neighborhood.
“Cap rates are still compressed for core, trophy properties in Seattle,” said King. “With Seattle’s growth and economic prosperity, this was a great investment opportunity,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 47 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com